SMA Solar stock narrows 2026 outlook after nine-month recovery

SMA Solar Technology reported stronger profitability and a higher order backlog for the first nine months of 2026 on Thursday, November 12. The company also lifted the lower end of its full-year sales and EBITDA ranges, signaling greater confidence in the final quarter. The announcement was published by SMA Solar.

Revenue Edges Higher, Profitability Recovers

Group sales reached EUR 1,160.7 million from January through September, up from EUR 1,134.7 million a year earlier. The figure included a EUR 22.3 million reduction related to US customs duty reimbursements; excluding that effect, sales amounted to EUR 1,183.0 million.

EBITDA before one-time effects was EUR 109.6 million, compared with EUR 118.6 million in the prior-year period. Including the reported one-time effects and customs duty reimbursements, EBITDA rose to EUR 146.3 million from a loss of EUR 16.9 million. The resulting EBITDA margin was 12.6%, against negative 1.5% a year earlier.

EBIT improved to EUR 107.4 million from negative EUR 123.2 million, while net income reached EUR 98.9 million after a loss of EUR 144.5 million. The reported recovery reflects, among other items, inventory effects, provision changes and customs duty reimbursements, so the headline improvement should not be read as purely recurring operating progress.

Backlog Supports Fourth-Quarter Expectations

The order backlog stood at EUR 1,857.6 million at September 30, up from EUR 1,281.7 million a year earlier. Large Scale & Project Solutions accounted for most of the backlog, including battery energy storage projects, while product business contributed EUR 1,517.5 million.

Large Scale & Project Solutions sales fell 2.6% to EUR 928.8 million, in line with the company's expected annual revenue pattern. SMA said the division typically realizes its highest sales in the fourth quarter. Home & Business Solutions sales rose 27.9% to EUR 231.9 million, and its EBIT improved to negative EUR 28.9 million from negative EUR 322.1 million, although the division remained in the red.

Guidance Moves Toward Upper Half

SMA now expects 2026 sales of EUR 1,675 million to EUR 1,725 million, compared with the previous range of EUR 1,625 million to EUR 1,725 million. EBITDA guidance was narrowed to EUR 205 million to EUR 230 million from EUR 180 million to EUR 230 million.

Chief Financial Officer Kaveh Rouhi said the first nine months and anticipated fourth-quarter trends should allow SMA to reach the upper half of both ranges. Chief Operating Officer Olaf Heyden highlighted continued demand for the new three-phase hybrid inverter and EUR 480 million of Large Scale orders in the third quarter.

SMA Solar stock traded at 47.18 euros on Lang & Schwarz at 11:30 CET on Friday, November 13, 4.34 percent below the Xetra close of Thursday, November 12.

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The next focus is SMA's fourth-quarter execution and its ability to convert the elevated backlog into revenue and cash flow. More news and analyses on SMA Solar stock.